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Neither the assessee furnished the working of disallowances under section 14A, nor the lower authority made the disallowance as per the formula prescribed under Rule 8D, therefore, we restore the matter back to the file of Assessing Officer to re-compute the disallowance under section 14A read with Rule 8D.
SMT. KRISHNABEN GHANSHYAMBHAI PATEL VERSUS INCOME TAX OFFICER WARD-3 (3) (3), AAYKAR BHAVAN, MAJURA GATE
(2022) TaxCorp(LJ) 28200 (ITAT-SURAT) · https://taxcorp.in/FileOpenDT.aspx?ID=95105&Category=ITAT&CategoryType=Zip
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No infirmity in the impugned order of the AO, more so, in view of the reasoning given in the remand report submitted by the assessee before the ld.CIT(A).
ACIT, CIR. 5 AHMEDABAD. VERSUS M/S. NEESA INFRASTRUCTURE LTD.
(2022) TaxCorp(LJ) 28199 (ITAT-AHMEDABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=95106&Category=ITAT&CategoryType=Zip
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Assessing Officer invoking Section 154(2) to rectify the assessment order is wholly untenable for the reason that there is no mistake apparent on the face of the record to invoke the proceedings under Section 154 of the Act.
THE PR. COMMISSIONER OF INCOME TAX BANGALORE, THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-4 (1) (2) BANGALORE VERSUS M/S. MPHASIS SOFTWARE & SERVICES (INDIA) PVT. LTD.
(2022) TaxCorp(LJ) 28198 (HC-KARNATKATA) · https://taxcorp.in/FileOpenDT.aspx?ID=86378&Category=Judgment&CategoryType=Zip
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The usage of expression in the reasons 'there has been escapement of income by reason of failure on the part of the assessee to disclose fully and truly all material facts' is clearly made as an attempt to take the case out of the restrictions imposed by proviso to Section 147 of the Act.
TECHENGG PROJECT SERVICES AND EQUIPMENTS (INDIA) PRIVATE LIMITED THROUGH ITS AUTHORIZED REPRESENTATIVE MR. MAHANDER SINGH CHAUHAN VERSUS UNION OF INDIA AND OTHERS
(2022) TaxCorp(LJ) 28197 (HC-BOMBAY) · https://taxcorp.in/FileOpenDT.aspx?ID=86381&Category=Judgment&CategoryType=Zip
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There was no withdrawal by the partners from capital accounts and therefore there cannot be any income liable to tax in their hands.
PRINCIPAL COMMISSIONER OF INCOME TAX-1, KOLKATA VERSUS M/S. ORCHID GRIHA NIRMAN PRIVATE LIMITED, KOLKATA
(2022) TaxCorp(LJ) 28196 (HC-CALCUTTA) · https://taxcorp.in/FileOpenDT.aspx?ID=86383&Category=Judgment&CategoryType=Zip
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Section 68 to be inapplicable as it deals with any sum that is found credited in the books of the Assessee and not the shares received as gift.
Humuza Consultants Vs The Principal Commissioner of Income-tax
(2022) TaxCorp(LJ) 28195 (ITAT-MUMBAI) · Sections 56(2)(viia), 68
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Once the primary facts necessary for assessment were fully and truly disclosed and AO then proceeded to form a conclusive view, then reopening basis same material considering disallowance in subsequent AY was not permissible.
Oracle Financial Services Software Limited Vs Deputy Commissioner of India Tax
(2022) TaxCorp(LJ) 28194 (HC-BOMBAY)
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While beneficial circulars have to be applied retrospectively, oppressive circulars would have prospective application.
Goldline Pharmaceuticals Pvt. Ltd Vs The Pr.Commissioner of Income Tax-3
(2022) TaxCorp(LJ) 28193 (HC-BOMBAY) · Section 37(1)
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Assessing Officer is directed to allow set off of MAT credit inclusive of surcharge and education cess and recompute the tax payable by the assessee for the year under consideration.
PENINSULA FACILITY MANAGEMENT SERVICES LTD. VERSUS ACIT, CPC, BANGALORE
(2022) TaxCorp(LJ) 28192 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=95060&Category=ITAT&CategoryType=Zip
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TPO is mandated by law to determine the ALP by following one of the methods prescribed u/s. 92C read with rule 10B. When No such exercises is carried out by the TPO, the determination at Nil of the ALP is held not sustainable.
PPG COATINGS INDIA PVT. LTD. (NOW MERGED WITH PPG ASIAN PAINTS PVT. LTD.) VERSUS DCIT-9 (2) MUMBAI
(2022) TaxCorp(LJ) 28191 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=95062&Category=ITAT&CategoryType=Zip
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Provisions of section 263 gives power to the revisionary authority to revise the order after giving the assessee an opportunity of being heard and after making or causing to be made such enquiries as he deems necessary.
HUMUZA CONSULTANTS VERSUS THE PRINCIPAL COMMISSIONER OF INCOME-TAX-19, MUMBAI
(2022) TaxCorp(LJ) 28190 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=95067&Category=ITAT&CategoryType=Zip
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Mere change of opinion does not furnish a justification for formation of reason to believe that income chargeable to tax has escaped assessment.
ORACLE FINANCIAL SERVICES SOFTWARE LIMITED VERSUS DEPUTY COMMISSIONER OF INDIA TAX CIRCLE 13 (1) (1), ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE 13 (1) (1), MUMBAI
(2022) TaxCorp(LJ) 28189 (HC-BOMBAY) · https://taxcorp.in/FileOpenDT.aspx?ID=86368&Category=Judgment&CategoryType=Zip
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Power u/s 263 of the Act can be exercised only when twin conditions of the order of assessing officer being erroneous and prejudicial to the interest of revenue are satisfied.
COMMISSIONER OF INCOME TAX, EXEMPTION, JAIPUR. VERSUS MANNA TRUST
(2022) TaxCorp(LJ) 28188 (HC-RAJASTHAN) · https://taxcorp.in/FileOpenDT.aspx?ID=86370&Category=Judgment&CategoryType=Zip
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To grant or not to grant approval under Section 151 of the said Act to re-open an assessment is coupled with a duty and the Commissioner was duty bound to apply his mind to the proposal put up to him for approval in the light of the material relied upon by the Assessing Officer. Such power cannot be exercised casually, in a routine and perfunctory manner.
GODREJ AND BOYCE MANUFACTURING CO. LTD. VERSUS ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE 14 (1) (2) & ORS.
(2022) TaxCorp(LJ) 28187 (HC-BOMBAY) · https://taxcorp.in/FileOpenDT.aspx?ID=86371&Category=Judgment&CategoryType=Zip
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Assessee sufficiently discharged its onus under Section 68 by producing all the relevant documents and thus CIT(A)’s order is being upheld.
Adarsh Capital Finstock Ltd Vs DCIT
(2022) TaxCorp(LJ) 28186 (ITAT-AHMEDABAD) · Section 68
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No value accrues or passes to the farmer, for whom all that matters is the delivery of potatoes – in good, marketable condition, at the time of the sale season, i.e., the onset of winter.
A.K. Cold Storage Pvt. Ltd Vs Income Tax Officer-6(1)
(2022) TaxCorp(LJ) 28185 (ITAT-LUCKNOW)
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Assessee had disclosed the details of international transactions and details regarding royalty paid and lump sum fees for know-how paid to Skoda Auto and fees for technical services paid to Volkswagen in Form 3CEB.
Skoda Auto Volkswagen India Private Limited Vs Asistant Commisioner of Income Tax
(2022) TaxCorp(LJ) 28184 (HC-BOMBAY)
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The transaction is of transfer of technical know-how and profit on sale of technical know-how cannot be brought to tax as capital gain u/s 45.
ABB Ltd Vs THE COMMISSIONER OF INCOME TAX
(2022) TaxCorp(LJ) 28183 (HC-KARNATKATA)
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Assessing Officer is directed to allow the claim of accumulation u/s.11(2) of the Act. Accordingly, grounds raised by the assessee are allowed.
SETH DAMJI LAXMICHAND JAIN VERSUS ITO (EXEMPTION) -1 (1) MUMBAI
(2022) TaxCorp(LJ) 28182 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=95044&Category=ITAT&CategoryType=Zip
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As per the provisions of the Act, notional gain or profit cannot be taxed unless it has crystalized.
BRAMHANI INDUSTRIES LIMITED VERSUS DCIT, CIRCLE-1 (3) , HYDERABAD. AND (VICE-VERSA)
(2022) TaxCorp(LJ) 28181 (ITAT-HYDERABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=95045&Category=ITAT&CategoryType=Zip
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